MOSCOW, June 1 (Xinhua) -- Russia will stick to its ban on direct access by foreign banks and insurance companies to the Russian market in talks with the United States on accession to theWorld Trade Organization (WTO), a senior economy official involvedin the talks said on Thursday.

    "Judging by the way talks are proceeding, we won't be taking steps backwards to meet the Americans halfway," Yekaterina Mayorova, an Economy Ministry official responsible for talks on financial services, was quoted by the Interfax news agency as saying.

    Russia's position on financial services remained unchanged: direct access by foreign banks and insurance companies to the Russian market must be banned, Mayorova said, but she added that in exchange, Russia suggested raising to 50 percent the quota for involvement of foreign financial institutions in the aggregate charter capital of Russian banks and insurance companies.

    Mayorova said understandings had been reached with the United States on services including energy, but not on financial services.

    Russia, the largest economy still outside the Geneva-based WTO,has been negotiating to join the world trade body since 1993. The United States remains the only country with which Russia has yet to complete talks. One of the sticking points in the talks is a U.S. demand that foreign banks be allowed to open directly owned branches in Russia. Enditem